DDM Analysis: TSLA

Industry Benchmark Mode (Active)
Industry: Auto - Manufacturers | Peers Analyzed: 165
Applied Metrics: 25.44% Payout Ratio, 12.81% Growth.
Note: Industry averages exclude outliers (Yield > 20% or Price < $1.00) to ensure data quality.

10-Year Dividend History & Industry Comparison

Fiscal Year	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSLA Div/Share	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000
Industry Avg DPS (Normalized)	$25.9319	$131.5366	$74.2950	$57.8410	$56.1588	$65.4072	$92.3736	$91.3034	$86.1531	$107.1019
TSLA Yield	0.0000%	0.0000%	0.0000%	0.0000%	0.0000%	0.0000%	0.0000%	0.0000%	0.0000%	0.0000%
Industry Avg Yield	2.3616%	2.2627%	1.8967%	1.3502%	2.1241%	2.3592%	2.5124%	1.9851%	1.9345%	2.0678%
TSLA DPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Industry DPS Growth	-80.29%	77.05%	28.45%	3.00%	-14.14%	-29.19%	1.17%	5.98%	-19.56%	0.00%
CAGR (5Y / 10Y)	TSLA: 0.00% (5Y) / 0.00% (10Y) Industry: -16.89% (5Y) / -13.22% (10Y)

Gordon Growth Model (Stable Stage)

Metric	Range	Selected
Long-term Growth Rate	3.00% Fixed	3.00%
Discount Rate (WACC)	8.68% - 6.81%	7.75%
Calculated Fair Value	$42.64 - $71.11	$54.62
Current Price		$455.00
Margin of Safety		30.00%
Target Buy Price		$42.41
Decision		Hold / Sell

Detailed Calculation (USD Millions)

	Conservative	Base Case	Aggressive
Net Income (LTM)	7,130
(-) Dividends Paid	0
Required Retention %	20.00%	12.50%	7.50%
Excess Cash (Calculated)	$5,704	$6,239	$6,595
Excess Per Share	1.78	1.95	2.06
LTM Dividend/Share	0.00	0.00	0.00
Adjusted Dividend Base	2.35	2.52	2.63

Sensitivity Analysis (Price vs Inputs)

X-Axis: Discount Rate \| Y-Axis: Terminal Growth
G \ WACC	5.00%	6.00%	7.00%	8.00%	9.00%
1.00%	$63.60	$50.88	$42.40	$36.34	$31.80
2.00%	$85.64	$64.23	$51.38	$42.82	$36.70
3.00%	$129.72	$86.48	$64.86	$51.89	$43.24
4.00%	$261.95	$130.98	$87.32	$65.49	$52.39
5.00%	$526.42	$264.47	$132.23	$88.16	$66.12

Multi-Stage Model (5-Year Projection)

Metric	Year 1	Year 2	Year 3	Year 4	Year 5	Terminal
Net Income Growth	12.81%	12.81%	12.81%	12.81%	12.81%	3.00%
Payout Ratio	38.85%	52.26%	65.68%	79.09%	92.50%	92.50%
Projected Dividends (M)	3,125	4,742	6,723	9,133	12,050	12,411

Valuation Summary	LOW	BASE	HIGH
PV of Dividends (1-5)	8.33	8.58	8.85
PV of Terminal Value	46.43	57.96	75.50
Fair Value Per Share	54.76	66.54	84.34
Current Price	$455.00